When selecting a cryptocurrency exchange, there are several key points to consider:
The security of the exchange
The number of cryptocurrencies supported by the exchange
The fees of the exchange
The first point is particularly important; cryptocurrencies are inherently high-risk investments, and every exchange carries its own risks, but in this high-risk industry, the largest exchanges are naturally safer.
Currently, the largest exchange in the world is Binance, ranking first in both spot and contract trading, and the next few exchanges combined do not match Binance's trading volume, firmly securing its position at the top.
However, this article is not about discussing the scale of exchanges, but rather what everyone cares about more: the comparison of fees.
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Comparison of Cryptocurrency Exchange Fees: Which Exchange is the Cheapest?
We will only compare three exchanges: Binance, ByBit, and OKX; smaller exchanges may raise security concerns, which we will not discuss here.
The comparison table of fees for three cryptocurrency exchanges is as follows:
'After fee discounts' applies only to readers who register using this link, please click here to register. Further explanation about the registration link will follow.
The so-called 'Maker' refers to placing an order, which means setting a price to wait for a transaction.
The so-called 'Taker' refers to taking an order, which means executing a transaction immediately regardless of the price.
The fees for Maker and Taker are different.
In terms of spot trading, Binance, ByBit, and OKX all have a fee of 0.1%, while OKX's Maker fee is slightly lower at 0.08%.
In terms of contract trading, both Binance and OKX have low fees, at 0.02% and 0.05% respectively.
Therefore, purely from a fee perspective, either Binance or OKX is a good choice.
Register through this link to enjoy the highest fee discount available online
Registering with a referral code significantly reduces fees.
Register using the referral code to enjoy a 20% discount on spot trading fees and a 10% discount on contract trading fees.
This is the highest fee discount available online; many KOLs' referral codes are at most as high as this one, and it cannot get any higher; this is the maximum fee discount:
By filling in the referral code, I will also receive a certain degree of fee commission, and other KOLs will as well; if you do not want to earn commissions, you can register directly on the official website, but the fees will not be discounted, making it the least cost-effective option.
Using this referral code results in a win-win situation, and I sincerely encourage everyone to utilize it.
Reasons to choose Binance as a trading platform
Since the trading fees for Binance and OKX are similar, why choose Binance as the first option?
Firstly, the fees for these two exchanges are already among the cheapest on the market; OKX is slightly cheaper than Binance, but the difference is too small.
The two exchanges only differ by 0.02% in spot trading, meaning that if you trade 100,000 yuan, the fee difference is only 20 yuan.
In contracts, there is no difference.
Is the 20 yuan difference in spot trading important? I believe the following factors are more important:
The first point is clearly the issue of security; it's not that OKX is more dangerous, but Binance is larger in scale, with spot trading volume eight times that of OKX, and contract trading volume twice that of OKX, making it relatively safer.
In addition, the larger number of cryptocurrencies supported by Binance is also a factor to consider.
Considering security (the most important!), the number of cryptocurrencies, and relatively minor fee differences (0.02%), I still recommend Binance as the first choice for cryptocurrency exchanges.
Why are cryptocurrency exchange fees important?
Are trading fees important? Why compare trading fees among various cryptocurrency exchanges?
Firstly, cryptocurrencies are often traded at high frequency, with frequent buy and sell transactions leading to significant fee erosion.
Making a profit through trading is already a skill, so saving on fees is certainly beneficial!
Moreover, cryptocurrency contracts often involve high-leverage investments (which are also high-risk, and I won't elaborate on that here), but fee calculations are based on the size of the position; in simple terms, if you open a ten-fold leverage with 100 yuan, the fee is calculated based on the '1,000 yuan' after leverage, and this is the same for every exchange.
Therefore, frequent trading combined with high leverage makes fees particularly important.
Of course, trading fees are just one of many factors to consider when choosing an exchange; one must still prioritize the safety and the number of cryptocurrencies before considering fees.
